Buyer Frequently Asked Questions

Answers to the most common questions about buying in Sea Isle City, NJ

Q: Who pays Real Estate Agent Commissions?

A: It is customary for the home seller to pay the Real Estate Agent Commissions.

Q: Do I need a Realtor to represent me in buying a home?

A: The answer is No. However, it is highly recommended to have a Realtor represent you in purchasing a property. It is extremely important to have a Realtor with extensive knowledge of the market place as well as be an expert in negotiating. It is equally important that your representing Realtor be well educated on Real Estate Laws, Insurances and Taxes so that you are able to get the best deal possible.

Q: What is the Property Tax Rate in Sea Isle City?

A: The property Tax rate is .583 for Sea Isle City (Rate is per $100 of property valuation)

Q: Do I need to be pre-qualified before making an offer on a property?

A: Yes, I would even suggest getting pre-qualified before looking at homes for sale. It is important to know exactly what you can afford so that you can set your price range.

Q: Should I use a local Mortgage Consultant?

A: Yes, I highly recommend using a local mortgage consultant that is familiar with the marketplace down the shore. It gets kind of tricky down the shore with all of the condos and town homes down here that could give an out of town mortgage consultant a hard time and make for a difficult transaction. Contact Me For a list of recommended mortgage consultants in the area.

Q: Do I need flood insurance if I purchase a property in Sea Isle City?

A: If you have a mortgage than your mortgage company will require you to have flood insurance on the property. If you buy a two-unit townhouse than your fire and flood insurance is shared between you and your neighbor because you share the same building. Remember, the entire island of Sea Isle is a "flood zone".

Q: I am pre-approved and would like to make an offer, now what?

A: Call us as soon as possible and we will give you a list of comparable homes that have "sold" in the past 6 months so you have an idea of the value of the home before making an offer on it. After reviewing the “comps” we will formulate a strategy and present your offer, in writing, to the seller’s agent. Here is where it is very important to have a Realtor with good negotiating skills so that you are able to get the best deal possible on your purchase.

Q: The seller has accepted our offer and returned the contract signed. Now what?

A: Go over the important dates and deadlines in the contract with us. Once the contract is returned signed by the seller and is fully executed we will begin the "Attorney Review Period". The "Attorney Review Period" is a NJ State Law that gives the buyer and seller a 3 business day grace period to have an attorney look over the contract if they choose to do so. Also, during this period the buyer or seller can withdraw from the contract without penalty.

Q: What kind of Inspections will I need?

A: Unless the property is a New Construction, I would highly recommend having a home inspection done on the property within 7-10 days of signing the contract. This is very important and will give you peace of mind moving forward with the transaction. Also, the bank that is financing your loan may require you to have a "Termite Inspection". Contact me for a list of certified home inspectors in our area.

Q: What happens if the home inspection reveals a major issue with the home?

A: At that time your Realtor would get permission from you to forward the home inspection report to the seller's agent to make the seller aware of the deficiency. If the seller is not willing to fix the deficiency at his or her cost than the buyer will have the option of withdrawing from the contract and having all deposit monies returned to the buyer with no penalty to either party.

Q: What settlement costs will I be responsible for paying at settlement?

A: You will be responsible for any costs associated with your loan (ask your mortgage consultant for an estimate on this before taking application), Title Insurance, Title Company Fees, Recording Fees, Reimbursements to seller for water/sewer, insurances, property taxes that were paid ahead of time by the seller. Contact your Realtor for "Estimated Closing Costs" at any time.

Do you have a Home Buying Question that you would like answered?

Contact Us Anytime at (609) 263-1431 or send us an email